REGISTERED COMPANY NUMBER: 06636240 (England and Wales) REGISTERED CHARITY NUMBER: 1130196
Report of the Trustees and
Unaudited Financial Statements
for the Year Ended 31st August 2025
for
The Ursuline Preparatory School Ilford
Cooper Paul Abacus House 14-18 Forest Road Loughton Essex IG10 1DX
The Ursuline Preparatory School Ilford
Contents of the Financial Statements for the Year Ended 31st August 2025
| Page | |
|---|---|
| Report of the trustees | 1 to 4 |
| Independent examiner's report | 5 to 6 |
| Statement of financial activities | 7 |
| Statement of financial position | 8 to 9 |
| Statement of cash flows | 10 |
| Notes to the statement of cash flows | 11 |
| Notes to the financial statements | 12 to 20 |
The Ursuline Preparatory School Ilford (Registered number: 06636240)
Report of the Trustees for the Year Ended 31st August 2025
The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31st August 2025. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).
The objects and public benefit aims of the School
The objects as set out in the Memorandum of Association is to acquire, provide, conduct and develop an independent Roman Catholic School for the education of Roman Catholic children, either with or without other Christian or non-Christian children. The Ursuline Preparatory School Ilford Ltd operates as a Roman Catholic Independent day school for boys and girls aged three to eleven.
In furtherance of this objective, the Trustees have complied with the duty in section 4 of the Charities Act 2006 to have due regard to the Charity Commission's published guidance concerning the operation of the Public Benefit requirement under the Act.
Objectives and activities
Chair's Statement
Given the announcement made in February, 2025, of the intention to close at the end of the Summer term, 2025, this report is functionally brief.
Once the announcement had been made, and, in the absence of any practicable solution, the formal closure process commenced during the Summer term.
Numerous pupils left at this time as schools offering new places tended to want these places to be taken up immediately. This applied, in the main, to Years 5 and below, as Year 6 pupils already had confirmed destinations for September, 2025.
Unfortunately, the Headteacher, Natasha Boyce, had to take sick leave for much of the Summer term but we were lucky to secure the services of Chris Brown (Governor) and Lorraine Pereira (former acting Head Teacher), who collectively steered the Prep for the remainder of its final term. In this respect, there was a very successful conclusion with numerous activities and trips for the pupils. Grateful thanks are due to the PAFA, which funded much of this activity.
There was the customary Year 6 Leavers' Mass and a separate mass and social event to commemorate the closure of the Prep, which included former head teachers, staff and Ursulines.
Finally, on behalf of both Governors and Trustees, I would like to express my deepest thanks to the all the staff of the Prep, who strove to hold things together right until the end, thereby giving the whole community - pupils, families and staff - the best possible experience in the school's final term.
.................................................................
S. Bird Chair of Trustees
Page 1
The Ursuline Preparatory School Ilford (Registered number: 06636240)
Report of the Trustees for the Year Ended 31st August 2025
Financial review
Investment powers and policy
These are governed by the Memorandum and Articles of Association, which permit surplus funds to be invested in any investments, security or property as may be thought fit and as may be prescribed by law.
The School's investment objective is to maximise the return on its investment funds while maintaining maximum security and a high degree of liquidity. To meet this objective the School invests in call deposits with a high security rating and either fixed interest rates or with a fixed relationship to base rate.
Reserves policy
The Trustees have established a general reserve policy to afford some protection to the School and its charitable programme and to provide time to adjust to changing financial circumstances.
General Reserves
General Reserves were not restricted or designated for use on a particular programme or for some other defined or designated purpose. The School's policy was to seek to maintain a balance on General Reserves which represented sufficient resources for the current activities of the school to continue in the event of a significant drop in income, and to provide flexibility to undertake future capital projects.
Going concern
As noted above by the Chair of Trustees the school is now closed and has sold the majority of the property.
Financial results
Net outgoing resources for the year were £448,420 (2024: net outgoing resources of £966,586). The results for the year include a further closure costs accrual of £250,000 relating to a potentially increased payment required to The Ursuline Order following the sale of the building together with an uplift to the valuation of the buildings to £2.5million. At the end of this year, the Company had net assets of £131,789 (2024: £619,573).
Structure, governance and management
Organisation
The School is a registered charity (registration number 1130196) and is constituted as a company registered in England and limited by guarantee (registration number 06636240) as defined by the Companies Act 2006. Its objects, powers and constitution are set out in its Memorandum and Articles of Association dated 2nd July 2008.
Formerly part of the Ursuline High School, the Prep School had been an independent school in its own right since 1999. It continued to have close and valued links with the Ursuline Academy with which it is collocated.
The Board comprises a minimum of 5 and a maximum of 9 Trustees. Trustees shall predominantly be of the Roman Catholic faith.
Trustees, are elected via nomination by the Diocese and then election by the members at the AGM.
The Trustees met as a Board once a year to determine the general policy of the school and review its overall management and control, for which they are legally responsible. The day-to-day running of the school was delegated to a Board of Governors (appointed by the Trustees), the Head and the Bursar, supported by other teaching members of the Senior Management Team
Page 2
The Ursuline Preparatory School Ilford (Registered number: 06636240)
Report of the Trustees for the Year Ended 31st August 2025
Structure, governance and management
Induction and training of new trustees
New Trustees are inducted into the workings of the school, and also of the Company as a registered charity, including Board Policy and Procedures. They are given The Charity Commission leaflets CC3 and CC3(a), Responsibility of Charity Trustees, a copy of the Memorandum and Articles of Association, the latest audited accounts and up to date management figures.
Risk management
The Trustees have an established procedure to review key risks on an ongoing basis.
Reference and administrative details
Registered Company number
06636240 (England and Wales)
Registered Charity number
1130196
Registered office
2-4 Coventry Road Ilford Essex IG1 4QR
Trustees
S A Bird Insurance underwriter A P Dobson Retired Professor Of Law P Nicholson Retired headteacher R Savage Retired teacher M J Guidotti Retired Bank Manager
Company Secretary
Mrs A Ayankogbe
Independent Examiner
Cooper Paul Abacus House 14-18 Forest Road Loughton Essex IG10 1DX
Professional advisers and key personnel
| Headteacher | N Boyce (until 31st August 2025) |
|---|---|
| Bursar | A Ayankogbe |
| Bankers | National Westminster Bank |
| 50 Ilford Hill | |
| Ilford | |
| Essex IG1 2AT |
Events since the end of the year
Information relating to events since the end of the year is given in the notes to the financial statements.
Page 3
The Ursuline Preparatory School Ilford (Registered number: 06636240)
Report of the Trustees for the Year Ended 31st August 2025
Approved by order of the board of trustees on 29th May 2026 and signed on its behalf by:
S A Bird - Trustee
Page 4
Independent Examiner's Report to the Trustees of The Ursuline Preparatory School Ilford
Independent examiner's report to the trustees of The Ursuline Preparatory School Ilford ('the Company')
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31st August 2025.
Responsibilities and basis of report
As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').
Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under Section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under Section 145(5) (b) of the 2011 Act.
Page 5
Independent Examiner's Report to the Trustees of The Ursuline Preparatory School Ilford
Limitation of Scope - Pension Balance
Since your charity's gross income exceeded £250,000 your examiner must be a member of a listed body. I can confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England and Wales, which is one of the listed bodies.
I have completed my examination.
The school participates in a pension scheme for which no up to date valuation or supporting documentation was available at the time of my examination. As a result, I was unable to obtain sufficient and appropriate evidence regarding the accuracy and completeness of the pension related balances and disclosures included in the financial statements. Given the material nature of this figure, I was unable to determine whether any adjustments might be necessary.The amount currently provided in the accounts is £452,895 based on the valuation as at 30th September 2024.
I confirm that no other matters have come to my attention in connection with the examination giving me reasonable cause to believe that in any material respect:
-
accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or
-
the accounts do not accord with those records; or
-
the accounts do not comply with the accounting requirements of Section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; and
-
the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)).
I confirm that there are no other matters to which your attention should be drawn to enable a proper understanding of the accounts to be reached.
Andrew Gibson
Cooper Paul Abacus House 14-18 Forest Road Loughton Essex IG10 1DX
29th May 2026
Page 6
The Ursuline Preparatory School Ilford
Statement of Financial Activities for the Year Ended 31st August 2025
| Notes Income and endowments from Donations and legacies 2 Other trading activities 3 Investment income 4 Other income Total Expenditure on Raising funds 5 Charitable activities 6 School Other Total NET INCOME/(EXPENDITURE) Other recognised gains/(losses) Gains on revaluation of fixed assets Net movement in funds Reconciliation of funds Total funds brought forward Total funds carried forward |
Unrestricted fund £ 39,438 819,767 3,260 5,910 868,375 20,273 1,046,522 250,000 1,316,795 (448,420) - (448,420) 580,209 131,789 |
Restricted fund £ - - - - - - - - - - 1,015,276 1,015,276 39,364 1,054,640 |
2025 Total funds £ 39,438 819,767 3,260 5,910 868,375 20,273 1,046,522 250,000 1,316,795 (448,420) 1,015,276 566,856 619,573 1,186,429 |
2024 Total funds £ 1,263 1,117,509 3,991 21,983 1,144,746 1,942 1,085,900 1,023,490 2,111,332 (966,586) 39,364 (927,222) 1,546,795 619,573 |
|---|---|---|---|---|
The notes form part of these financial statements
Page 7
The Ursuline Preparatory School Ilford (Registered number: 06636240)
Statement of Financial Position 31st August 2025
| Notes Fixed assets Tangible assets 11 Current assets Debtors 12 Cash at bank and in hand Creditors Amounts falling due within one year 13 Net current assets Total assets less current liabilities Creditors Amounts falling due after more than one year 14 Provisions for liabilities 17 NET ASSETS Funds 18 Unrestricted funds Restricted funds Total funds |
Unrestricted fund £ 1,456,173 3,618 205,341 208,959 (1,191,678) (982,719) 473,454 (254,409) (87,256) 131,789 |
Restricted fund £ 1,054,640 - - - - - 1,054,640 - - 1,054,640 |
2025 Total funds £ 2,510,813 3,618 205,341 208,959 (1,191,678) (982,719) 1,528,094 (254,409) (87,256) 1,186,429 131,789 1,054,640 1,186,429 |
2024 Total funds £ 1,504,332 7,072 429,077 436,149 (190,559) 245,590 1,749,922 (1,025,869) (104,480) 619,573 580,209 39,364 619,573 |
|---|---|---|---|---|
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st August 2025.
The members have not required the company to obtain an audit of its financial statements for the year ended 31st August 2025 in accordance with Section 476 of the Companies Act 2006.
The notes form part of these financial statements
Page 8
The Ursuline Preparatory School Ilford (Registered number: 06636240)
Statement of Financial Position - continued
31st August 2025
The trustees acknowledge their responsibilities for
-
(a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
-
(b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.
These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.
The financial statements were approved by the Board of Trustees and authorised for issue on 29th May 2026 and were signed on its behalf by:
S A Bird - Trustee
The notes form part of these financial statements
Page 9
The Ursuline Preparatory School Ilford
Statement of Cash Flows for the Year Ended 31st August 2025
| Notes Cash flows from operating activities Cash generated from operations 1 Interest paid Pension deficit funding Net cash (used in)/provided by operating activities Cash flows from investing activities Purchase of tangible fixed assets Net cash used in investing activities Cash flows from financing activities New loans in year Loan repayments in year Net cash provided by financing activities Change in cash and cash equivalents in the reporting period Cash and cash equivalents at the beginning of the reporting period Cash and cash equivalents at the end of the reporting period |
2025 £ (445,503) (1,915) (17,224) (464,642) (10,295) (10,295) 261,438 (10,237) 251,201 (223,736) 429,077 205,341 |
2024 £ 33,881 (758) (16,472) 16,651 (4,960) (4,960) - - - 11,691 417,386 429,077 |
|---|---|---|
The notes form part of these financial statements
Page 10
The Ursuline Preparatory School Ilford
Notes to the Statement of Cash Flows for the Year Ended 31st August 2025
1. Reconciliation of net expenditure to net cash flow from operating activities
2.
| 2025 | 2024 | ||
|---|---|---|---|
| £ | £ | ||
| Net expenditure for the reporting period (as per | the Statement | ||
| of financial activities) | (448,420) | (966,586) | |
| Adjustments for: | |||
| Depreciation charges | 19,090 | 15,905 | |
| Interest paid | 1,915 | 758 | |
| Further provision on pension deficit | - | 12,427 | |
| Decrease in debtors | 3,454 | 1,908 | |
| (Decrease)/increase in creditors | (21,542) | 969,469 | |
| Net cash (used in)/provided by operations | (445,503) | 33,881 | |
| Analysis of changes in net funds/(debt) | |||
| At 1/9/24 | Cash flow | At 31/8/25 | |
| £ | £ | £ | |
| Net cash | |||
| Cash at bank and in hand | 429,077 | (223,736) | 205,341 |
| 429,077 | (223,736) | 205,341 | |
| Debt | |||
| Debts falling due within 1 year | (10,140) | (261,598) | (271,738) |
| Debts falling due after 1 year | (14,806) | 10,397 | (4,409) |
| (24,946) | (251,201) | (276,147) | |
| Total | 404,131 | (474,937) | (70,806) |
The notes form part of these financial statements
Page 11
The Ursuline Preparatory School Ilford
Notes to the Financial Statements for the Year Ended 31st August 2025
1. Accounting policies
Basis of preparing the financial statements
The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention, as modified by the revaluation of certain assets.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
| Freehold property | - Straight line over 35 years |
|---|---|
| Improvements to property | - 2% on cost |
| Fixtures and fittings | - 25% on cost |
Taxation
The charity is exempt from corporation tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
Hire purchase and leasing commitments
Rentals paid under operating leases are charged to the Statement of financial activities on a straight line basis over the period of the lease.
Page 12
The Ursuline Preparatory School Ilford
Notes to the Financial Statements - continued for the Year Ended 31st August 2025
1. Accounting policies - continued
Pension costs and other post-retirement benefits
The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.
2. Donations and legacies
| Donations 3. Other trading activities Preparatory School fees Nursery fees Lettings Visits income Club income 4. Investment income UK Bank interest receivable 5. Raising funds Raising donations and legacies Bursaries |
2025 £ 39,438 2025 £ 815,675 (1,521) 1,430 2,067 2,116 819,767 2025 £ 3,260 2025 £ 20,273 |
2024 £ 1,263 2024 £ 1,098,948 (1,560) 525 10,215 9,381 1,117,509 2024 £ 3,991 2024 £ 1,942 |
|---|---|---|
Page 13
The Ursuline Preparatory School Ilford
Notes to the Financial Statements - continued for the Year Ended 31st August 2025
6. Charitable activities costs
| 6. Charitable activities costs |
|||||
|---|---|---|---|---|---|
| School 7. Support costs School 8. Net income/(expenditure) Net income/(expenditure) is stated after charging/(crediting): Auditors' remuneration Other non-audit services Depreciation - owned assets Other operating leases |
Direct Costs £ 730,387 Other £ 298,829 |
Support costs (see note 7) £ 316,135 Governance costs £ 17,306 2025 £ 3,498 2,250 19,090 1,555 |
Totals £ 1,046,522 |
||
| Totals £ 316,135 |
|||||
| 2024 £ 6,048 3,600 15,904 8,001 |
9. Trustees' remuneration and benefits
There were no trustees' remuneration or other benefits for the year ended 31st August 2025 nor for the year ended 31st August 2024.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31st August 2025 nor for the year ended 31st August 2024.
10. Staff costs
| Staff costs | ||
|---|---|---|
| Wages and salaries Social security costs Other pension costs The average monthly number of employees during the year was as follows: Total |
2025 £ 445,901 38,818 55,263 539,982 2025 18 |
2024 £ 574,857 50,325 67,318 |
| 692,500 | ||
| 2024 21 |
Page 14
The Ursuline Preparatory School Ilford
Notes to the Financial Statements - continued for the Year Ended 31st August 2025
10. Staff costs - continued
The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was:
| £60,001 - £70,000 £90,001 - £100,000 |
2025 1 1 2 |
2024 2 - |
|---|---|---|
| 2 |
11. Tangible fixed assets
| Cost or valuation At 1st September 2024 Additions Revaluations At 31st August 2025 Depreciation At 1st September 2024 Charge for year At 31st August 2025 Net book value At 31st August 2025 At 31st August 2024 |
Freehold property £ 1,202,819 - 1,015,276 2,218,095 78,853 6,177 85,030 2,133,065 1,123,966 |
Improvements Fixtures to and property fittings £ £ 454,941 61,803 - 10,295 - - 454,941 72,098 78,907 57,471 9,099 3,814 88,006 61,285 366,935 10,813 376,034 4,332 |
Totals £ 1,719,563 10,295 1,015,276 |
|---|---|---|---|
| 2,745,134 | |||
| 215,231 19,090 |
|||
| 234,321 | |||
| 2,510,813 | |||
| 1,504,332 |
Cost or valuation at 31st August 2025 is represented by:
| Valuation in 2024 Valuation in 2025 |
Freehold property £ 1,202,819 1,015,276 2,218,095 |
Improvements Fixtures to and property fittings £ £ 454,941 72,098 - - 454,941 72,098 |
Totals £ 1,729,858 1,015,276 |
|---|---|---|---|
| 2,745,134 |
Page 15
The Ursuline Preparatory School Ilford
Notes to the Financial Statements - continued for the Year Ended 31st August 2025
| 12. Debtors: amounts falling due within one year Fees receivable Other debtors VAT Prepayments 13. Creditors: amounts falling due within one year Bank loans and overdrafts (see note 15) Other loans (see note 15) Fees in advance Trade creditors Deposits received from parents Social security and other taxes Other creditors Pension control Accrued expenses 14. Creditors: amounts falling due after more than one year Bank loans (see note 15) Accruals and deferred income 15. Loans An analysis of the maturity of loans is given below: Amounts falling due within one year on demand: Bank loans Loan from The Ursuline Order Amounts falling between one and two years: Bank loans - 1-2 years |
2025 £ - 1,132 2,486 - 3,618 2025 £ 10,300 261,438 - 25,395 - 23,987 - 6,259 864,299 1,191,678 2025 £ 4,409 250,000 254,409 2025 £ 10,300 261,438 271,738 4,409 |
2024 £ 3,759 - - 3,313 7,072 2024 £ 10,140 - 64,380 214 24,050 12,860 59,567 8,011 11,337 |
2024 £ 3,759 - - 3,313 7,072 2024 £ 10,140 - 64,380 214 24,050 12,860 59,567 8,011 11,337 |
2024 £ 3,759 - - 3,313 |
|---|---|---|---|---|
| 7,072 | ||||
| 190,559 | ||||
| 2024 £ 14,806 1,011,063 |
||||
| 1,025,869 | ||||
| 2024 £ 10,140 - |
||||
| 10,140 | ||||
| 14,806 |
Page 16
The Ursuline Preparatory School Ilford
Notes to the Financial Statements - continued for the Year Ended 31st August 2025
16. Secured debts
A loan of £260,000 has been provided by The Ursuline Order with the property as security. The loan is repayable on the sale of the property.
17. Provisions for liabilities
| Provisions for liabilities | ||
|---|---|---|
| 2025 | 2024 | |
| £ | £ | |
| Provision for pension deficit | 87,256 | 104,480 |
18. Movement in funds
| Unrestricted funds General fund Restricted funds Restricted funds TOTAL FUNDS |
Net movement At At 1/9/24 in funds 31/8/25 £ £ £ 580,209 (448,420) 131,789 39,364 1,015,276 1,054,640 619,573 566,856 1,186,429 |
|---|---|
Net movement in funds, included in the above are as follows:
| Unrestricted funds General fund Restricted funds Restricted funds TOTAL FUNDS |
Incoming resources £ 868,375 - 868,375 |
Resources expended £ (1,316,795) - (1,316,795) |
Gains and losses £ - 1,015,276 1,015,276 |
Movement in funds £ (448,420) 1,015,276 566,856 |
|---|---|---|---|---|
Page 17
The Ursuline Preparatory School Ilford
Notes to the Financial Statements - continued for the Year Ended 31st August 2025
18. Movement in funds - continued
Comparatives for movement in funds
| Net movement At 1/9/23 in funds £ £ Unrestricted funds General fund 1,546,795 (966,586) Restricted funds Restricted funds - 39,364 TOTAL FUNDS 1,546,795 (927,222) Comparative net movement in funds, included in the above are as follows: Incoming Resources Gains and resources expended losses £ £ £ Unrestricted funds General fund 1,144,746 (2,111,332) - Restricted funds Restricted funds - - 39,364 TOTAL FUNDS 1,144,746 (2,111,332) 39,364 A current year 12 months and prior year 12 months combined position is as follows: Net movement At 1/9/23 in funds £ £ Unrestricted funds General fund 1,546,795 (1,415,006) Restricted funds Restricted funds - 1,054,640 TOTAL FUNDS 1,546,795 (360,366) |
At 31/8/24 £ 580,209 39,364 619,573 Movement in funds £ (966,586) 39,364 (927,222) At 31/8/25 £ 131,789 1,054,640 1,186,429 |
|---|---|
Page 18
The Ursuline Preparatory School Ilford
Notes to the Financial Statements - continued for the Year Ended 31st August 2025
18. Movement in funds - continued
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Unrestricted funds General fund Restricted funds Restricted funds TOTAL FUNDS |
Incoming resources £ 2,013,121 - 2,013,121 |
Resources expended £ (3,428,127) - (3,428,127) |
Gains and losses £ - 1,054,640 1,054,640 |
Movement in funds £ (1,415,006) 1,054,640 (360,366) |
|---|---|---|---|---|
19. Related party disclosures
There were no related party transactions for the year ended 31st August 2025.
20. Post balance sheet events
The Trustees had decided to close the school at the end of this reporting period. Based on this decision, the financial statements have continued to be prepared on break-up basis. Accordingly, the property has been stated at the sales price completed on 27th May 2026 of £2.5 million. In terms of closure costs, the accrual relating to the payment due to Ursuline Order on competition of the sale has been increased to £625,000. Please note that the amount of £625,000 is calculated based on gross selling proceeds but it is only payable if there is sufficient balance after all liabilities are paid.
21. Staff pensions
SCHEME: TPT Retirement Solutions - Independent Schools' Pension Scheme
The company participates in the scheme, a multi-employer scheme which provides benefits to some 61 non-associated employers. The scheme is a defined benefit scheme in the UK. It is not possible for the company to obtain sufficient information to enable it to account for the scheme as a defined benefit scheme. Therefore it accounts for the scheme as a defined contribution scheme.
The scheme is subject to the funding legislation outlined in the Pensions Act 2004 which came into force on 30 December 2005. This, together with documents issued by the Pensions Regulator and Technical Actuarial Standards issued by the Financial Reporting Council, set out the framework for funding defined benefit occupational pension schemes in the UK.
The scheme is classified as a 'last-man standing arrangement'. Therefore the company is potentially liable for other participating employers' obligations if those employers are unable to meet their share of the scheme deficit following withdrawal from the scheme. Participating employers are legally required to meet their share of the scheme deficit on an annuity purchase basis on withdrawal from the scheme.
Page 19
The Ursuline Preparatory School Ilford
Notes to the Financial Statements - continued for the Year Ended 31st August 2025
21. Staff pensions - continued
A full actuarial valuation for the scheme was carried out with an effective date of 30 September 2020. This actuarial valuation was certified on 22 December 2021 and showed assets of £201.1m, liabilities of £256.3m and a deficit of £55.2m. To eliminate this funding shortfall, the trustees and the participating employers had agreed that additional contributions woulds be paid, in combination from all employers, to the scheme.
The School has been notified by TPT Retirement Solutions of the estimated employer debt on withdrawal from The Independent Schools' Pension Scheme based on the financial position of the Scheme as at 30 September 2024. As of this date the estimated employer debt for the School was £452,895. This amount has been provided in the accounts.
The pension charge for the year includes contributions payable to the scheme of £33,050 (2024: £35,256).
The School participates in the Teachers' Pension Scheme (England and Wales) ("the TPS") for its teaching staff. The pension charge for the year includes contributions payable to the TPS of £21,412 (2024: £31,907) and at the year-end £1,862 (2024: £1,861) was accrued in respect of contributions to its scheme.
The TPS is a statutory, unfunded, defined benefit occupational scheme, governed by the Teachers' Pensions Regulations 2010 (as amended), and the Teachers' Pension Scheme Regulations 2014 (as amended). These regulations apply to teachers in schools and other educational establishments, including academies, in England and Wales that are maintained by local authorities. In addition, teachers in many independent and voluntary-aided schools and teachers and lecturers in some establishments of further and higher education may be eligible for membership.
Membership is automatic for full-time teachers and lecturers and, from 1 January 2007, automatic too for teachers and lecturers in part-time employment following appointment or a change of contract. Teachers and lecturers are able to opt out of the TPS.
The employer contribution rate is set following scheme valuations undertaken by the Government Actuary Department. The latest valuation report in respect of the TPS was prepared as at 31 March 2020 and was published in October 2023. The report confirmed that the employer contribution rate for the TPS would increase from 23.6% to 28.6% from 1 April 2024.
The administration charge remains at 0.08% of the employers' salary costs which increases the employer payment rate from 23.68% to 28.68%.
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